CALGARY, Alberta (AP) _ Boardwalk Real Estate Investment Trust (BOWFF) on Thursday reported a key measure of profitability in its first quarter.
The Calgary, Alberta-based real estate investment trust said it had funds from operations of $23.5 million, or 46 cents per share, in the period.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $43.1 million, or 85 cents per share.
The real estate investment trust that owns residential communities, based in Calgary, Alberta, posted revenue of $86.5 million in the period.
The company's shares have decreased 51% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $17.31, a fall of 41% in the last 12 months.